Katerina Swanson
Citibank is one of the world's largest funders of fossil fuel projects, investing billions of dollars in coal, oil, and gas projects worldwide. Since the Paris Agreement was signed in 2016, Citibank has continued to fund new fossil fuel projects, including gas export terminals, oil and gas drilling, and pipelines through Indigenous lands. Despite facing pressure from climate activists and Indigenous communities, Citibank has been resistant to change, and its funding has contributed to environmental degradation and health issues in affected communities. With a growing movement demanding sustainable practices and divestment from fossil fuels, Citibank's reputation and social license to operate are at risk. As a result, there are increasing calls for the bank to be held accountable for its role in driving the climate crisis.
| Characteristics | Values |
|---|---|
| Rank among fossil fuel funders | Second largest, or largest |
| Amount spent on coal, oil and gas projects | $396 billion |
| Amount spent on fossil fuels | $396.33 billion |
| Amount spent on fossil fuels since the Paris Agreement | Over $1.8 trillion |
| Amount spent on fossil fuels in 2023 | Over $700 billion |
| Fossil fuel projects funded | SPOT, fossil gas export terminals in the U.S. Gulf South, oil and gas drilling in the Amazon rainforest, oil and fracked gas pipelines through Indigenous lands |
| Impact of funded projects | Oil spills, toxic air, health impacts, species extinction, food insecurity, inability to work outdoors, ocean dead zones, floods, extreme weather |
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What You'll Learn
- Citibank is the world's second-largest fossil fuel financier
- The bank has spent over $396 billion on coal, oil, and gas projects
- It funds the SPOT project, the largest offshore oil facility in the US
- Citi has ignored science and perpetuated the colonial project of extraction
- Climate activists have pressured Citibank to curb its project-related financing
Citibank is the world's second-largest fossil fuel financier
Citibank has been criticised for its involvement in funding the Sea Port Oil Terminal (SPOT), which, if completed, would be the largest offshore oil facility in the United States. The project is expected to emit more than 160,000 pounds of air pollutants each year and has been opposed by local community groups and activists. Despite this outcry, the Biden administration approved the project in April 2024.
Citibank has also funded other controversial fossil fuel projects, including new fossil gas export terminals in the US Gulf South, oil and gas drilling in the Amazon rainforest, and pipelines through Indigenous lands. These projects have had devastating impacts on local communities, including oil spills, toxic air, and negative health consequences.
Climate activists have pressured Citibank to divest from fossil fuels, and the bank has recently announced policies to curb its financing for oil and gas expansion in the Amazon. However, Citibank continues to be a major funder of fossil fuel projects, contributing to the global climate crisis and ignoring the science behind the need to transition to renewable energy sources.
Citibank's actions as the second-largest fossil fuel financier have led to widespread criticism and protests, with activists calling for an end to the bank's funding of climate chaos and demanding a fossil-free future.
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The bank has spent over $396 billion on coal, oil, and gas projects
Citibank is the world's second-largest fossil fuel funder and financier, and the number one funder of fossil fuel expansion. Since the Paris Climate Agreement was signed in 2016, Citibank has spent over $396 billion on coal, oil, and gas projects worldwide, including new fossil gas export terminals in the US Gulf South, oil and gas drilling in the Amazon rainforest, and oil and fracked gas pipelines through Indigenous lands.
Citibank has resisted activists' demands to curb its funding of fossil fuels. In July 2024, the bank announced new policies that curb its project-related financing for oil and gas expansion in the Amazon after years of pressure from Indigenous communities and climate allies. However, this announcement did not include any promises regarding the bank's broader fossil fuel financing.
Citibank's funding of fossil fuels has had devastating impacts on communities, particularly Black, brown, and working-class communities where many of these projects are developed. For example, the proposed Sea Port Oil Terminal (SPOT) project in Surfside Beach, Texas, would be the largest offshore oil facility in the country, emitting more than 160,000 pounds of air pollutants each year. Despite opposition from local community groups, the Biden administration approved the project in April 2024.
Citibank's actions contradict its public claims of leading the fight against climate change. By ignoring the science and continuing to fund fossil fuel projects, the bank is perpetuating the exploitation and pollution of communities and ecosystems worldwide. As a result, there have been growing calls for Citibank to be held accountable for its role in driving the global climate crisis.
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It funds the SPOT project, the largest offshore oil facility in the US
Citibank is the world's second-largest fossil fuel funder and the number one funder of fossil fuel expansion. Since 2016, the bank has spent over $396 billion on coal, oil, and gas projects worldwide. Citibank funds the Sea Port Oil Terminal (SPOT) project, which, if completed, would be the largest offshore oil facility in the United States. The project is located in Surfside Beach, Texas, a barrier-island town an hour south of Houston. SPOT is expected to emit more than 160,000 pounds of air pollutants each year and will offer access to more than 40 distinct grades of crude oil. The project is opposed by community groups such as Better Brazoria in Brazoria County, who have raised concerns about its impact on public health, the environment, and climate change. Despite the opposition, the Biden administration formally approved the project in April 2024.
Citibank funds the SPOT project through some of the $2.5 billion that the bank funnels into Enterprise, the creator and Houston-based project leader of the SPOT project. Enterprise Partners claims that SPOT will bring employment, an economic boost, and energy security to the region. Additionally, A.J. 'Jim' Teague, Co-chief Executive Officer of Enterprise's General Partner, has stated that SPOT will provide a more environmentally friendly, safe, efficient, and cost-effective way to deliver crude oil to global markets.
Citibank has faced criticism and protests from climate activists for its funding of fossil fuel projects, including the SPOT project. Despite this, Citibank has resisted activists' demands and has not made any promises regarding its fossil fuel finance. However, in July 2024, Citibank announced new policies that curb its project-related financing for oil and gas expansion in the Amazon region following years of pressure from Indigenous communities and climate allies.
The SPOT project has also faced legal challenges from Earthjustice, a nonprofit environmental law organization. They argue that the project is not in the national interest and will have catastrophic impacts on the climate, wildlife, and frontline communities in the Gulf. Despite these concerns, the United States Maritime Administration (MARAD) issued a deepwater port license for the project, making it the largest oil export project in US waters.
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Citi has ignored science and perpetuated the colonial project of extraction
Citibank is the world's second-largest fossil fuel financier and funder of fossil fuel expansion. Since the Paris Climate Agreement was signed in 2016, Citibank has funded new fossil fuel projects around the world, including new fossil gas export terminals in the US Gulf South, oil and gas drilling in the Amazon rainforest, and oil and fracked gas pipelines through Indigenous lands. Since 2016, Citibank has spent over $396 billion on coal, oil, and gas projects worldwide, driving the exploitation and pollution of communities and the climate crisis.
Despite publicly claiming to lead, Citibank has ignored the science and warnings from scientists that fossil fuels are causing global climate destruction and that the world has only a few years left to cut climate pollution in half. Instead, Citibank has perpetuated the colonial project of extraction, exploitation, and eradication of people and ecosystems. The bank's board and executives are hoarding wealth at the expense of communities' health, livelihoods, and safety.
For example, Citibank is funding the Sea Port Oil Terminal (SPOT), the largest offshore oil facility in the country, which will emit more than 160,000 pounds of air pollutants each year. SPOT is proposed to be built just miles from a community in Surfside Beach, Texas, where residents already face oil spills, toxic air, and devastating health impacts. Despite opposition from the community and climate activists, Citibank continues to fund this project through $2.5 billion that the bank funnels into Enterprise, the creator of the SPOT project.
Citibank's actions demonstrate a disregard for the well-being of communities, particularly Black, Brown, and working-class communities, and the planet. By investing in fossil fuels, Citibank is contributing to the climate crisis and social and economic disruption. Climate activists have pressured Citibank to divest from fossil fuels, and while the bank has made some concessions, it has largely resisted activists' demands. It is clear that Citibank is ignoring science and perpetuating the colonial project of extraction.
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Climate activists have pressured Citibank to curb its project-related financing
Citibank is the world's second-largest fossil fuel financier and funder of global climate catastrophe. Since 2016, the bank has spent more than $396 billion on coal, oil, and gas projects worldwide, including new fossil gas export terminals in the US Gulf South, oil and gas drilling in the Amazon rainforest, and oil and fracked gas pipelines through Indigenous lands. This has led climate activists to pressure Citibank to curb its project-related financing.
Climate activists have engaged in the Summer of Heat on Wall Street, the largest sustained civil disobedience campaign in the climate movement's history. As part of this campaign, more than 5,000 people have taken to the streets, demanding that Wall Street banks, including Citibank, end their funding of climate chaos. In September 2024, 31 activists were arrested for blocking the entrance to Citibank's headquarters in New York City.
Despite publicly claiming to lead on climate issues, Citibank has resisted activists' demands and continued to fund new fossil fuel projects. However, in July 2024, after years of pressure from Indigenous communities and climate allies, Citibank announced new policies that curb its project-related financing for oil and gas expansion in the Amazon. This is a significant victory for climate activists, demonstrating that their efforts can lead to real and lasting change.
While Citibank's new policies are a step in the right direction, there is still much work to be done to hold the bank accountable for its role in driving the climate crisis. Citibank is still the top banker of companies expanding liquefied methane gas and has funded the Sea Port Oil Terminal (SPOT), a massive fossil fuel project in Surfside Beach, Texas. Climate activists must continue to pressure Citibank and other major banks to divest from oil, coal, and gas projects and invest in renewable energy sources instead.
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Frequently asked questions
Yes, Citibank is the world's second-largest funder of fossil fuels and has spent over $396 billion on coal, oil and gas projects since 2016.
Citibank is the world's number one funder of fossil fuel expansion. The bank has been accused of ignoring science and perpetuating the colonial project of extraction, exploitation, and eradication of people and ecosystems.
Citibank has funded new fossil fuel projects, including new fossil gas export terminals in the US Gulf South, oil and gas drilling in the Amazon rainforest, and oil and fracked gas pipelines through Indigenous lands. The bank has also invested in the Sea Port Oil Terminal (SPOT), which, if completed, would be the largest offshore oil facility in the US.
